The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-06-13
THE INSURANCE MEN.
Some Measures Adopted by the South
eastern Tariff Association.

The Southeastern Tariff Association,
which met at Old Point Comfort last week,
adoptedssome very important measures af-
fecting the insurance business in the South.
The association embraces the States of
Alabama, Georgia, Florida and North and
South Carolina. Over one hundred dele
gates were in attendance from nearly every
| CITY in the South This is the sixth annual
| convention and the third held at Old Point
Comfort. The object of the convention is
to exchange views and adopt regulations in
tended TO facilitate and improve the trans
action of business in the territory covered
| by the association.
President Knowles, of Atlanta, in his
annual address reviewed the situation in
| the South as regards underwriting, and
made some pertinent suggestions for the
consideration of the convention, the most
important of which were the recommends
tons of the repeal Of the three-quarter loss
clause and the reduction Of insurance rates
in towns and cities having good fire depart
ments and ample water supply.
The loss clause was repealed. Under its
provisions the insured was obliged to bear
one-fourth of the loss, whether total or par
tial, while under the value clause hereafter
to he used. the insured bears no part of the
loss when the insurance is less than three
fourths of the value of the property covered
Neither of these clauses have been used ex-
cept on property in the country, or in
towns without good fire departments
or water supply. The repeal of
the loss clause is considered a wise step on
the part of the companies, as its operation
in cases of partial losses had caused much
adverse criticism from the press and pro-
voked no little hostility. 1t is claimed by
well informed underwriters that this clause
caused the Introduction Of the valued policy
bill which came near passing III the last
Georgia Legislature
A resolution abolishing the guarantee
clause in cotton policies was also adopted.
This clause is condition inserted in policies
ity Of the compartment or warehouse is used
and for which the insured get a reduction in
rates.
The Presidents recommendation that
some plan be adopted by which agency
stock companies may be placed on the same
footing with local stock companies, which
promises dividends out of profits to the in
sured, brought about the adoption Of reso-
luton which declares that the rates made
and promulgated by local boards and by
authority of the association are intended
and understood to be minimum rates not
subject to dividends or rebates, payable
before or after the expiration of policies.
except by purely mutual companies, and
when any stock company elects to make
Stlch dlN ldSnuS or rebates, Jhe executive COM
mittee shall adopt such measures as may be
necessary to secure perfect equality ands1air-
ness to all stock companies competent for
the business
This action has caused something of stir
among insurance men, and especially among
the officers and representatives of the At
lanta Home, who have notified the associa-
ton that they will withdraw from it if the
resolution is enforced A protest has been
made, but what the association will do is
not yet known.